13F Insight
DOSSIER · 13F-HR · Q1 2026

MASTERS CAPITAL MANAGEMENT LLC

$3.0B in tracked AUM across 98 positions as of Q1 2026.

MC
CIK 0001104186 · last filed Mar 31, 2026
Total AUM
$3.0B
as of Q1 2026
Holdings
98
—
positions
Whale Score
57
57
tracked
Activity
—
no data
changes this Q
AI Analysis · Q1 2026
Comprehensive Analysis of Masters Capital Management LLC 13F Filing
1. Portfolio Overview

Masters Capital Management LLC has undergone a significant transformation in the quarter ending September 30, 2025. The firm executed a drastic portfolio contraction, reducing total assets under management (AUM) from $2.57 billion to $1.15 billion, a decrease of 55.1%. This reduction was driven not merely by market performance but by substantial capital reallocation, evidenced by the exit of ...

The portfolio currently consists of 34 holdings, indicating a streamlined approach compared to the previous period. The most striking feature of the current portfolio is its heavy reliance on a single position for market exposure. The strategy has shifted from a diversified stock-picking approach to a "core and satellite" model, where the bulk of the portfolio is invested in a passive index tracker, and the remainder is allocated to high-conviction, high-volatility individual names.

2. Key Holdings

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
TLT
ISHARES TR
$347M4.0M11.5%02
C
CITIGROUP INC
$227M2.0M7.5%03
UPS
UNITED PARCEL SVCS INC
$226M2.3M7.5%04
DAL
DELTA AIR LINES INC
$133M2.0M4.4%05
INTC
INTEL CORP
$132M3.0M4.4%06
BABA
ALIBABA GROUP HLDG LTD
$125M1.0M4.1%07
IBM
INTERNATIONAL BUSINESS MACHS
$121M500K4.0%08
GM
GENERAL MTRS CO
$97M1.3M3.2%09
ASTS
AST SPACEMOBILE INC
$83M1.0M2.7%10
W
WAYFAIR INC
$83M1.1M2.7%

Filing history

2026Q1Mar 31
$3.0B▲ 23.5%
98 positionsView →2025Q4Dec 31
$2.5B▲ 112.5%
85 positionsView →2025Q3Sep 30
$1.2B▼ 55.1%
34 positionsView →2025Q2Jun 30
$2.6B▲ 26.2%
80 positionsLocked2025Q1Mar 31
$2.0B▼ 24.9%
82 positionsLocked2024Q4Dec 31
$2.7B▲ 32.0%
90 positionsLocked2024Q3Sep 30
$2.1B▲ 15.4%
72 positionsLocked2024Q2Jun 30
$1.8B▼ 36.2%
70 positionsLocked2024Q1Mar 31
$2.8B▲ 14.1%
79 positionsLocked2023Q4Dec 31
$2.4B▲ 35.5%
69 positionsLocked2023Q3Sep 30
$1.8B▼ 27.8%
63 positionsLocked2023Q2Jun 30
$2.5B▲ 26.5%
67 positionsLocked
Showing 12 of 100